“Yes, we are bullishly positive on the southeast Queensland market, and it’s a lot more affordable than Sydney — but there are reasons for that,” Mr Christopher said.

He said that the Queensland economy was still suffering from the austerity of the former Liberal Government, along with the mining downturn. But there were hopes the new Labor Government would “open up its purse strings” and kickstart a recovery.

“There’s still a lot of stock about, and the economy is still quite patchy,” Mr Christopher said.

“Nevertheless, we are a little bit more positive on the market. We do agree it’s more affordable, on a rental basis and on an absolute price-to-wages basis.”

He said the Gold Coast was likely to see capital gains of between seven and 11 per cent over the next 12 months, but that Brisbane would be more restrained.